| The Common Misconception: Auto auctions are | | | | impact would that have onyour wallet? |
| only open tocar dealers. | | | | |
| | | | Amazingly enough, auto auctions are not |
| The Surprising Truth: Anyone with the right | | | | solely restrictedto car dealers. Up until a |
| resources canparticipate in the same auctions | | | | few years ago, I too sharedthis common |
| as the dealers! | | | | misconception. |
| | | | |
| Think about it. How much could you save if | | | | It was only by sheer luck that I stumbled |
| you bypassedthe dealers and purchased | | | | upon a websitethat allowed me to search local |
| directly from their sources? | | | | auctions by zip code andvehicle make that I |
| | | | learned the surprising truth. I waspaying |
| 30%, 50%, maybe even 75%. | | | | dealers thosands of dollars in |
| | | | unnecessarymark-ups. |
| As unbelievable as this sounds, it is | | | | |
| possible with alittle patience and research. | | | | I tried the website's search feature out, and |
| | | | to mysurprise the cars listed were exactly |
| As you probably already know from past | | | | what I wanted. Onlya few years old with very |
| experience, cardealers will do ANYTHING to | | | | low miles. Many of them werestill under the |
| get you into the car of yourdreams. Whether | | | | manufacturer's original warranty! Thismade |
| you can afford it or not! | | | | sense of course, since most of them |
| | | | wererepossessions. |
| I can recall a former coworker who got into a | | | | |
| new luxuryvehicle with a little "creative | | | | The auction house was even willing to throw |
| financing." The managerdivided his mortgage | | | | in a vehiclehistory report at no extra cost |
| payment in two. His justification: | | | | and a 3 month warranty. |
| | | | |
| As a married man his wife was responsible for | | | | Sure I wouldn't get the complimentary car |
| the otherhalf of the mortgage....even though | | | | washes and oilchanges the dealer throws in, |
| she was a stay at homemom! Luckily for them, | | | | but that surely wasn't worththousands of |
| they found a way to pay their hugecar payment | | | | dollars in premiums. |
| and avoid repossession. | | | | |
| | | | After a little hesitation I joined the auto |
| Unfortunately, others aren't quite as lucky. | | | | auctionmembership site. They helped me |
| Thousands ofpeople default on their loans | | | | locate auto auctions in myarea, and gain |
| everyday simply because theycouldn't really | | | | admission to them through their |
| afford it in the first place. | | | | exclusiveaccess rights. I learned what |
| | | | questions to ask, and how tohandle the |
| This can work to your advantage. The banks | | | | bidding process. |
| and financialinstitutions that serviced the | | | | |
| loans want to recoup theirloss as quicly as | | | | It was a lot simpler then I ever imagined it |
| possible. Add to that the exhorbitantcost of | | | | could be. |
| storing these vehicles, and you can easily | | | | |
| see whythe banks want to dispose of them in a | | | | The day of the auction, I showed up a few |
| timely manner. | | | | hours early toinspect the vehicle I was |
| | | | interested in and get a feel forthe place. |
| After all, the longer financial institutions | | | | |
| have to storethese vehicles, the less money | | | | It must have been a slow day, because when my |
| they're going to get back. | | | | car came upfor auction only a few dealers |
| | | | were bidding against me. |
| Auto auctions are the quickest way for banks | | | | |
| to ridthemselves of repossessed vehicles. | | | | Since I wasn't buying the vehicle for resale, |
| | | | I succeededin outbidding the dealers! |
| Car dealers know this, and they go to great | | | | |
| lenghts toprotect this knowledge from the | | | | It was a truely empowering experience. I got |
| general public. After all,auto auctions are | | | | the vehicleof my dreams, and I only paid a |
| a huge source of revenue. Dealers | | | | little over half its bookvalue! |
| canpurchase vehicles at a fraction of their | | | | |
| value, and thenresell them at a huge mark-up. | | | | What did this experience teach me? Auto |
| | | | Auctions can saveyou thousands in unnecessary |
| But what if you could avoid the dealer's | | | | dealer mark-ups. |
| mark-up andinstead pay what they pay? What | | | | |